Advice for First-Time Home Buyers

Advise For First Time Home Buyers – Get Pre-Qualified:

Before you start house hunting, get pre approved from a direct lender. You mortgage lender will evaluate all your income documents and give you a pre approval to move forward with the home buying. While shopping for a home may be pleasant, serious buyers need to start the process in lenders office, not an open house and by obtaining a mortgage pre- approval. This process, basically an evaluation that determines whether you qualify for a loan, is important for several reasons. As the first step in determining your ability to qualify for a loan. While this loan prequalification does not guarantee you will qualify for a new loan, it is a good check point. Meet with a mortgage lender/broker and find out how much you can afford to pay for a home. Use our affordability calculator. Follow the advise for first time home buyers.

Advise For First Time Home Buyers – Get Pre-Approved:

The most important advise for first time home buyers are getting pre approved from a mortgage lender. Try to get your loan from a direct lender. The first stem of home buying is knowing how much you can afford. The sellers will be much more receptive to potential buyers who have been pre-approved with underwriting. You’ll also avoid being disappointed when going after homes that are out of your price range. With Pre-Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you’re interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property. Costs for pre-approval are generally nominal and lenders will usually permit you to pay them when you close your loan. There are a lot of benefits of getting pre-approved.

Advise For First Time Home Buyers – Prepare a List of Needs & Wants:

Next advise for first time home buyers is to prepare a list of your needs and wants. Make 2 lists. The first should include items you must have (i.e., the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.). The second list is your wishes, things you would like to have (pool, den, etc.) but that are not absolutely necessary. Realistically for first-time buyers, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for.

Advise For First Time Home Buyers – Stay Focused & Organized:

In a convenient location, keep handy the items that will assist you in maximizing your home search efforts. Such items may include:

One or more detailed maps with your areas of interest highlighted.
A file of the properties that your agent has shown to you, along with ads you have cut out from the newspaper.
Paper and pen, for taking notes as you search.
Instant or video camera to help refresh your memory on individual properties, especially if you are attending a series of showings.
Location: Look at a potential property as if you are the seller. Would a prospective buyer find it attractive based on school district, crime rate, proximity to positive (shopping, parks, freeway access) and negative (abandoned properties, garbage dump, source of noise) features of the area?
Visualize the house empty & with your decor: Are the rooms laid out to fit your needs? Is there enough light?
Be Objective: Instead of thinking with your heart when you find a home, think with your head. Does this home really meet your needs? There are many houses on the market, so don’t make a hurried decision that you may regret later.

Advise For First Time Home Buyers – Be Detailed Oriented in Your Purchase Offer

Be Thorough: A few extra dollars well spent now may save you big expenses in the long run. Don’t forget such essentials as:

Include inspection & mortgage contingencies in your written offer.
Have the property inspected by a professional home inspector.
Request a second walk-through to take place within 24-48 hours of closing.
You want to check to see that no changes have been made that were not agreed on (i.e., a nice chandelier that you assumed came with the sale having been replaced by a cheap ceiling light).
All the above advise for first time home buyers may seem rather overwhelming. That is why having a professional represent you and keep track of all the details for you is highly recommended. Please email me or call me directly to discuss any of these matters in further detail.

Know The True Cost of Your First Home

Make sure you know what your new home will really cost. Your true housing cost includes more than your mortgage payment. A good first start is to use a mortgage calculator to estimate your monthly payment. You also need to add in the costs of any property taxes and homeowner’s insurance. In addition to your monthly payment, you should also consider the cost of home maintenance, such as taking care of the lawn and yard, maintaining appliances, unplanned repairs or replacements and any Homeowners Association fees if applicable. Do not forget to consider utility costs like electric, gas, water and sewer which could drive up your monthly costs. You must know what costs are involved in buying a home. You can use our affordability calculator to help you determine how much you can comfortably afford based on your income and debt.

Don’t Do It Alone- Hire an Experienced Realtor

Hire a professional and experienced real estate agent in your area. Hiring a real estate agent means you don’t have to go through the homebuying process alone. As a valuable partner, they’ll work with you to ensure your needs and best interests are met throughout the purchasing process. Choosing an experienced agent who will represent you as the buyer helps ensure they’ll work in your best interest when finding homes and negotiating purchasing terms. If you are planning to buy a home in Los Angeles and Orange County, consider hiring Faruk Bhuiyan. Faruk is a 12 year experienced Realtor who will design a plan for achieving your home buying goals whether It involves acquiring an ideal new home.

Prepare For Closing

Got your offer accepted? Once the seller accepts your offer, there’s still a lot to be done before you close, like completing a home inspection, getting a home appraisal, requesting for repairs, doing a final walk-through and completing paperwork related to your loan. On closing day, you’ll complete the legal and financial paperwork needed to complete the transfer of your funding to the seller and of the home’s title to you. You should prepare to pay between 2% and 6% of the home’s purchase price in closing costs, unless you (or your agent) have negotiated for the seller to cover all or some of these costs. Your lender will provide you with a breakdown of all costs prior to closing.

It’s important to make sure there are no changes to your financial status during this time to help the closing process move more smoothly. As you go through the process, make sure you carefully read any documents you receive and ask your real estate agent or attorney to explain anything you don’t understand.

Advise For First Time Home Buyers – Buying Your First Home

These advise for first time home buyers are extremely important. Shopping for a house as a first-time homebuyer can be overwhelming. However, by doing your homework and following these tips, you can avoid falling into common first-time homebuyer traps. Follow the advise for first time home buyers and you are likely to go wrong. The best advise for first time home buyers is to stay focused, take decision and trust your realtor. I’m sur that you will have a smooth home buying process. Use our home buyers guide and tools. Faruk Bhuiyan is a Real Estate Consultants and is ready to make your home buying dreams a reality!

We Can Help

If you are looking for help on your real estate journey in Southern California, we can help. Faruk Bhuiyan is a 12 year experienced real estate agent for home sellers and buyers to find the best home locally. Faruk will make your home buying easy. You get outstanding customer service at a personal level! You can compare multiple agents in your area so you can compare reviews, commission rates, previous sales, and more.

Faruk is a Los Angeles Realtor since 2010. He is the right agent who can lead the way. He is a top producer & Residential Real Estate Specialist for 12+ years, experienced working/living in Los Angeles. Faruk will offer competitive, lower than average commission rates to you. There is no obligation to sign up with Faruk, but when you can potentially save thousands on commission – why wouldn’t you? If you’re ready to get started, Contact Faruk now or CALL/TEXT FARUK NOW (562) 213-8892.